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TMI Blog2019 (5) TMI 94X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee is fair and reasonable and the AO without recording any satisfaction as to why the disallowance made by the assessee is incorrect cannot automatically proceed to make disallowance by applying the computation mechanism under rule 8D(2) of the rules. Respectfully following the same, we find no infirmity in the order of CIT(A). - ITA Nos.975/Mum/2018 And 976/Mum/2018 - - - Dated:- 24-4-2019 - Shri C.N. Prasad, JM And Shri M. Balaganesh, AM For the Assessee : Shri Ravi U Thakkar For the Revenue : Shri D.G. Pansari ORDER PER M. BALAGANESH (A.M): These appeals in ITA No.975/Mum/2018 976/Mum/2018 for A.Y.2013-14 2014-15 arise out of the order b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vour of the assessee in the assesee s own case for the A.Y. 2011-12. We further notice that the coordinate Bench has decided the identical issue in favour of the assessee by following the decision of the Mumbai Bench pertaining to the earlier assessment year in assessee s own case ITA No. 7392-7398/M/2013. The findings of the coordinate Bench in the said appeals reads as under:- 11. We have heard both the parties and perused the orders of the Revenue Authorities as well as the paper books filed before us. On hearing both the parties and on perusal of the relevant material placed before us, we find, there is no dispute on the facts about the assessee acquiring the debts from the Bank of Baroda for a sum of ₹ 84,97,400 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons. Explanation I :- In this sub-section, national bank means a corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 ( 5 of 1970). Explanation II: For the purposes of this section, a transaction is a commercial transaction, if it is connected with the industry, trade or business of the party incurring the liability.] (2) Where such a decree is silent with respect to the payment of further interest [on such principal sum] from the date of decree to the date of payment or other earlier date, the Court shall be deemed to have refused such interest and a separate suit therefore shall not lie . 12. We have also examin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or both the years are dismissed. 3. The last common issue to be decided in this appeal is as to whether the ld. CIT(A) was justified in deleting the addition made on account of disallowance u/s.14A of the Act r.w.r. 8D of the rules in the facts and circumstances of the case. 3.1. The brief facts of this issue are that the assessee during the A.Y.2013-14 claimed exempt dividend income of ₹ 37,960/- and had disallowed the sum of ₹ 17,563/- voluntarily u/s.14A of the Act in the Memo of income. The ld. AO concluded that the working of the disallowance given by the assessee was incorrect and accordingly, proceeded to invoke computation mechanism provided in rule 8D(2) of the rules. Accordingly, he made d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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